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>>> plus, former aol ceo steve case joins us. he'll outline his big plans to get america back to work and how to keep america great when it comes to innovation. all ahead on "power lunch." tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk. tdd#: 1-800-345-2550 and i also have access to independent tdd#: 1-800-345-2550 firms like ned d
>>> plus, former aol ceo steve case joins us. he'll outline his big plans to get america back to work and how to keep america great when it comes to innovation. all ahead on "power lunch." tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down...
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i have to go steve forbes. the most supply side oriented tax of all is the tax on risk and wealth, namely capital gains tax, risk wealth high risk stock investment. every time the capital gains tax rate is cut, revenues soar as they did under bill clinton. in fact, president obama was asked this in a tv interview during the campaign and he said i know that's what the numbers show but i still want to raise the top rates. if ever there's a supply side tax rates where lower rates produce higher rates it's capital gains. >> that's right. people start taking gains and hold on to what they have. that means capital is not put to work. in the early 1990s the economy was starting to get a real head of steam. not enough to save george h.w. bush but that slowed in '93 and '94. when republicans came in, cut spending, killed hilary care and alan greenspan had a sensible monetary policy, the economy started to recover and then clinton got the religion, he cut capital gains. >> steve is giving your man all these kudos and you
i have to go steve forbes. the most supply side oriented tax of all is the tax on risk and wealth, namely capital gains tax, risk wealth high risk stock investment. every time the capital gains tax rate is cut, revenues soar as they did under bill clinton. in fact, president obama was asked this in a tv interview during the campaign and he said i know that's what the numbers show but i still want to raise the top rates. if ever there's a supply side tax rates where lower rates produce higher...
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back to you, maria. >> steve, thank you so much. steve liesman with the secretary of treasury. let's get reaction to that exclusive interview. that's coming up after that short break. on deck, senator jeff sessions is with me, a ranking member of the senate budget committee. richard shelby is also with me. and maya mcguinness. this busy edition "the closing bell" is just getting started. we're back in a minute. they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> welcome back. you just heard from timothy geithner. did the exclusive interview you just saw move the needle in terms of the fiscal cliff being any clo
back to you, maria. >> steve, thank you so much. steve liesman with the secretary of treasury. let's get reaction to that exclusive interview. that's coming up after that short break. on deck, senator jeff sessions is with me, a ranking member of the senate budget committee. richard shelby is also with me. and maya mcguinness. this busy edition "the closing bell" is just getting started. we're back in a minute. they've been committed to putting clients first. helping generations...
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steve jobs, this is the first year next year where we're really in the post-steve jobs era. we have the margin mix, slowing growth. you would expect multiple compression on that, but don't forget they come out with a big product our big number, psychology can change in a minute. >> if you take a look at the sector they play, they're selling at a significant premium so the com uponants of their business, whether it's smartphones or whether it's pcs. granted they're macs, not p.m. cs, but they're selling down six, seven times. >> totally fair, but i mean, look at dell and look at hp versus apple. every single business apple has is growing very nicely. they have a wonderful new phone out there, the smartphone market has tremendous growth. >> i agreed. i just think you have time. for the first time we're seeing the steve jobs premium as you mentioned come out of the stock and wonder what's next on the product cycle. >> if you say you have time, you've got time. >> well, thank you. >> how diplomatic. henry, good to talk with you as always. thanks for coming on. >> thank you for h
steve jobs, this is the first year next year where we're really in the post-steve jobs era. we have the margin mix, slowing growth. you would expect multiple compression on that, but don't forget they come out with a big product our big number, psychology can change in a minute. >> if you take a look at the sector they play, they're selling at a significant premium so the com uponants of their business, whether it's smartphones or whether it's pcs. granted they're macs, not p.m. cs, but...
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apple tv living in the legacy of steve jobs. we're going to take a very close look on what is next for america's favorite gadgetmaker. >>> speaking of gadgets, rivalry research in motion, offering training programs and promotions for its upcoming blackberry 10. it's targeted corporations. bold move or maybe a desperate one? >>> any move might be welcome down here. democrats want tax hikes on the rich. republicans want entitlement cuts. we've heard this before, haven't we? what do average americans want to see in a fiscal cliff solution. we've got the exclusive results of our exclusive cnbc all-america economic survey. >>> now to everybody's all-american, sue herera standing by at the nyse. >> you're sweet, ty. thanks. >>> we're a little bit on the downside. we really kind of retraced a little bit on the dow jones industrial average. previous to this we were solidly in the green in all three of the major market indices. the dow now down 14 1/2 points. nasdaq up eight. the s&p is down just a fraction. of course we are also watchin
apple tv living in the legacy of steve jobs. we're going to take a very close look on what is next for america's favorite gadgetmaker. >>> speaking of gadgets, rivalry research in motion, offering training programs and promotions for its upcoming blackberry 10. it's targeted corporations. bold move or maybe a desperate one? >>> any move might be welcome down here. democrats want tax hikes on the rich. republicans want entitlement cuts. we've heard this before, haven't we? what...
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i mean, where are you on this, rick -- or, i'm sorry, steve? >> interesting. >> i'm just -- no, that i called you rick? no, because of rick perry. but i think that's what you're alluding to. >> yeah. >> was it that one that you wanted to get rid of the department of education? >> the role -- >> i like the idea of giving it down to the states. >> the idea that a department of education in washington, d.c., should be making decisions for each of the states is just ludicrous, you know, from a constitutional standpoint, it just is not functional. >> when was it is, 1980? i mean, it's a relatively recent addition that has swallowed up democracy. >> the money that comes and creates more bureaucracy and then they try to dictate to the states, here, race to the top's a good example of it. we tell them, you know, with all due respect, we don't want to participate in race to the top. because we asked them, well, can we take a look at the national standards that you want to put in place and can we see the tests? well, those aren't done yet. not unlike the
i mean, where are you on this, rick -- or, i'm sorry, steve? >> interesting. >> i'm just -- no, that i called you rick? no, because of rick perry. but i think that's what you're alluding to. >> yeah. >> was it that one that you wanted to get rid of the department of education? >> the role -- >> i like the idea of giving it down to the states. >> the idea that a department of education in washington, d.c., should be making decisions for each of the...
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thank you so much, steve liesman. we have breaking news on the fiscal cliff negotiations. john harwood with the details. over to you, john. >> maria, just wanted to bring you up to date on a development, which is the resumption of some staff level discussions between the congress, the speaker's office in particular, and the white house. we've been through a period where both sides, the principa s principals, the speaker and president have been striking tough lines in public, having made some initial moves towards cooperation, but word followed up no more meetings scheduled between the principals. wasn't that much going on staff to staff. that's changed today from yesterday. to you have some discussions resumed. i don't want to overplay the significance, but it is an encouraging sign for people who think that the ice had been beginning to crack around some of the positions, especially with the republicans on taxes. we may be looking for some forward movement. got to watch over the next day or so. >> this is good news, john. >> it is good news. it is an indication that we ma
thank you so much, steve liesman. we have breaking news on the fiscal cliff negotiations. john harwood with the details. over to you, john. >> maria, just wanted to bring you up to date on a development, which is the resumption of some staff level discussions between the congress, the speaker's office in particular, and the white house. we've been through a period where both sides, the principa s principals, the speaker and president have been striking tough lines in public, having made...
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steve, jump in. what about the fundamentals. >> i actually shorted gm this morning. both have had a great few weeks, couple of months but it's important to bring perspective. if you look at a long-term chart of ford, you see this stock is trading where it was in 1993. back in 1993 i was in college. i was doing beer bongs and listening to pearl jam. that was a heck of a long time ago to be at the exact same price point. when you hear stories about detroit's renaissance, detroit comebacks, have you to be skeptical but they term out as well as brett favre comebacks. >> sure. >> wow. wait a second, you shorted gm this morning? you shorted gm this morning? >> this morning. the reason i did -- >> that was actually a good play. truth is, gm is up quite a bit more than ford year to date. obviously, you picked out the one today that's quite weak. in '93 i was sloging away at my first or second job out of college. these have not been great investments long term and everybody knows that. general motors, the one we're looking at is new iteration. the last one being bankrupt. day
steve, jump in. what about the fundamentals. >> i actually shorted gm this morning. both have had a great few weeks, couple of months but it's important to bring perspective. if you look at a long-term chart of ford, you see this stock is trading where it was in 1993. back in 1993 i was in college. i was doing beer bongs and listening to pearl jam. that was a heck of a long time ago to be at the exact same price point. when you hear stories about detroit's renaissance, detroit comebacks,...
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today as steve will be, what would your first question to him be? >> my questions would be about dividends and capital gains as they're market related. with the dividends we've seen a tremendous amount of companies bring them forward in the name of tax avoidance. in both france and england we've seen a tremendous amount of steps taken for tax avoidance when they hire -- >> people leave. >> my only question, there have been studies done on that in the united states to figure out what the effect would be. my second question would be, back in '08 when the president was debating hillary clinton accepted the concept that every time we've raised capital gains tax, the receipts from that have gone down. every time we've lowered it, they've gone up. he accepted that. i want to know if his opinion is modified or is he considering laying off tax and business investment for fear that it will give us less of it. >> two very interesting questions there about what effect a change in taxes does to behavior. i think you can't deny the fact that it does change behav
today as steve will be, what would your first question to him be? >> my questions would be about dividends and capital gains as they're market related. with the dividends we've seen a tremendous amount of companies bring them forward in the name of tax avoidance. in both france and england we've seen a tremendous amount of steps taken for tax avoidance when they hire -- >> people leave. >> my only question, there have been studies done on that in the united states to figure...
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thanks for having me. >> steve yankovi ch for ebay. going over the fiscal cliff could cause major problems for state economies. which face the biggest threat from the potential tax hikes? joining us on the phone is laura porter, managing director at the public finance department, sector head for the state ratings group which focuses on state credits across the country. and focuses on a report, laura, looking granularly at this. good morning. >> good morning. thanks for having me. >> in general, you argue that a lot of ratings on the state front will remain unchanged no matter what. why is that? >> we feel states are fundamentally very strong credits, have strong control over their revenues and spending and the vast majority have shown the ability and willingness to adjust. so we think that the biggest and immediate threat is the fiscal cliff and what that can mean for state revenues, which quickly react to changing economy. >> you make the point -- surprise to no one, you have an unusually high degree of uncertainty in this outlook and
thanks for having me. >> steve yankovi ch for ebay. going over the fiscal cliff could cause major problems for state economies. which face the biggest threat from the potential tax hikes? joining us on the phone is laura porter, managing director at the public finance department, sector head for the state ratings group which focuses on state credits across the country. and focuses on a report, laura, looking granularly at this. good morning. >> good morning. thanks for having me....
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steve, thanks so much for your time. steve fox, marijuana policy project in washington. >> house speaker john boehner is to speak on the fiscal cliff negotiations in just a few minutes. we'll bring you those comments live as soon as he starts speaking. plus, former ohio governor ted strickland will join us. he says republicans are not acting in the best interest of the country when it comes to the fiscal cliff and explain exactly why he's saying that on cnbc. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. i have obligations. cute toblig
steve, thanks so much for your time. steve fox, marijuana policy project in washington. >> house speaker john boehner is to speak on the fiscal cliff negotiations in just a few minutes. we'll bring you those comments live as soon as he starts speaking. plus, former ohio governor ted strickland will join us. he says republicans are not acting in the best interest of the country when it comes to the fiscal cliff and explain exactly why he's saying that on cnbc. [ male announcer ] this is...
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welcome its president and ceo, steve joyce. there aren't many hotels being built in america at this moment. that's one reason why people think they'll be able to raise prices next year. what you're doing is very unusual, why? >> we have got a new brand, choice is for the first time breaking into the upscale space, there are a number of deals we were working. we agreed to co-invest with them, we got the deals done and we're here breaking in the first 24 hours, breaking ground in arguably the city with the most hotels. >> you have had to step in and help finance and own the hotels for once in order to get movement there. why was it the priority on that? >> well, one because of financial condition and the financial circumstances for raising money for hotels has been tough for several years. two, we're trying to launch this brand. three we're working with partners and most of our position is a sliver equity or a sliver debt position. they're going to take us out of it and we'll recycle that into great hotels. it's a great opportuni
welcome its president and ceo, steve joyce. there aren't many hotels being built in america at this moment. that's one reason why people think they'll be able to raise prices next year. what you're doing is very unusual, why? >> we have got a new brand, choice is for the first time breaking into the upscale space, there are a number of deals we were working. we agreed to co-invest with them, we got the deals done and we're here breaking in the first 24 hours, breaking ground in arguably...
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. >> steve, good to have you on the program. >> thanks, maria. appreciate it. >> always nice to see you. new york presbyterian ceo. >>> will will move your money first thing tomorrow morning? we'll check it out for you. three of wall street's top experts weigh in. stay with us on "the closing bell." [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. ha
. >> steve, good to have you on the program. >> thanks, maria. appreciate it. >> always nice to see you. new york presbyterian ceo. >>> will will move your money first thing tomorrow morning? we'll check it out for you. three of wall street's top experts weigh in. stay with us on "the closing bell." [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch...
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craig, when does steve balmer have to go? >> i'm going to stay away from that question, brian, but, you know, microsoft does have the added challenge of it doesn't want to compete too aggressively with the hardware vendors that it's competing against in own customers in the tablet market to some degree. so it can't get real cheap, or it's going to make guys like lenovo very upset. >> craig, thank you very much for joining us. thank you for playing along in the beginning. thanks for keeping it clean. >> you got it. >> next up, we're going to give you the story behind the video of the day. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. test. test. test. test. or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happen
craig, when does steve balmer have to go? >> i'm going to stay away from that question, brian, but, you know, microsoft does have the added challenge of it doesn't want to compete too aggressively with the hardware vendors that it's competing against in own customers in the tablet market to some degree. so it can't get real cheap, or it's going to make guys like lenovo very upset. >> craig, thank you very much for joining us. thank you for playing along in the beginning. thanks for...
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steve, no dolphins -- i thought dolphins -- how many games did you lose? >> well, we've lost seven games. >> you won a few good games. >> at the end of the day, you're in the business to win. you don't like being under 5-7 isn't exactly -- >> have you talked to woody? >> woody is one guy who will make me feel better. >> new york is a lousy place if you're not winning. >> to stink. >> any place is a lousy place if you're not winning. >> exactly, in january i'd rather be losing in miami than in new york. >> that's because you don't own the team. >> thank you very much. >> thank you. pleasure being here. >>> when we come back. we have a lot still to come. steny hoyer on the fiscal cliff talks. then at 8:15 eastern, we have the adp numbers. mark zandi is here to talk through the market reaction. >>> 8:40 eastern, jeffrey solomon will be stopping by. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one
steve, no dolphins -- i thought dolphins -- how many games did you lose? >> well, we've lost seven games. >> you won a few good games. >> at the end of the day, you're in the business to win. you don't like being under 5-7 isn't exactly -- >> have you talked to woody? >> woody is one guy who will make me feel better. >> new york is a lousy place if you're not winning. >> to stink. >> any place is a lousy place if you're not winning. >>...
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steve, good morning. >> good morning, becky. thanks. the stronger than expected jobs were not making believers of many economists. they continue to expect weak fourth quarter growth after that number came in at 146,000 with an expectation of around 85,000. fourth quarter growth estimates range from a low of below a half a point, 0.4%. that coming from morgan stanley. the high from what i could gather this morning, 1.5% at jpmorgan. remember that third quarter growth was 2.7 pfrs. a lot of this, though, is going to be inventories. suggesting the growth back drop a little bit stronger than what the number might imply. but the declining unemployment rate fell 0.2 to 7.7% complicates the job for the fed which is expected to place operation twist, where it sells short-term securities and buys long-term ones, with just outright asset purchases on the long end. here's the fed forecast for the fourth quarter. notice the actual there, at 7.7%. it's now at -- the forecast for the end of this year,.1%. it's now averaging you can see there on the l
steve, good morning. >> good morning, becky. thanks. the stronger than expected jobs were not making believers of many economists. they continue to expect weak fourth quarter growth after that number came in at 146,000 with an expectation of around 85,000. fourth quarter growth estimates range from a low of below a half a point, 0.4%. that coming from morgan stanley. the high from what i could gather this morning, 1.5% at jpmorgan. remember that third quarter growth was 2.7 pfrs. a lot of...
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. >> and then larry, later in the afternoon, our steve leishman sat down with treasury secretary tim geithner. geithner in that interview late in the afternoon made it clear that this is brinksmanship of the highest order. >> i want to understand the administration's position when it comes to raising taxes on the wealthy. those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthy. it's only 2%. >> reporter: of course, up on capitol hill, republicans don't necessarily agree with that. speaker of the house john boehner said today that he is still waiting for a counterproposal now from the president of the united states. and we learned late this afternoon that in fact speaker boehner and president obama had a phone call today. we don't know, however, what was said in that call. but reports are that some progress is being made in these negotiations. at least conversations continuing behind the
. >> and then larry, later in the afternoon, our steve leishman sat down with treasury secretary tim geithner. geithner in that interview late in the afternoon made it clear that this is brinksmanship of the highest order. >> i want to understand the administration's position when it comes to raising taxes on the wealthy. those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's...
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. >> i knew that was true when steve weiss said he was buying the fxis. >> i was smiling. >> manufacturing is clearly retrenched with the concerns surrounding the fiscal cliff. we see that, all the numbers, you have to believe a little certainty. manufacturing comes back. the material space, which is so tied to the chinese growth. i think that's in particular a sector you could look at. i think you could even, and i'm warming up to something that i haven't liked all year, but you could even look at the steel space and some of those names in there, and i think that would be a focus area. >> we're going to talk about apple certainly in more unstance a little bit later. but if you like technology, right, are you going to buy the nasdaq 100 or are you going to buy individual names? because i'm just wondering if apple doesn't participate the way you might hope it would or think it could in 2013 does that hold back technology as a secretary e? do you need to look for individual names? >> i just think you have to have a critical theme around it. i think there's two themes. one, smart fund growth,
. >> i knew that was true when steve weiss said he was buying the fxis. >> i was smiling. >> manufacturing is clearly retrenched with the concerns surrounding the fiscal cliff. we see that, all the numbers, you have to believe a little certainty. manufacturing comes back. the material space, which is so tied to the chinese growth. i think that's in particular a sector you could look at. i think you could even, and i'm warming up to something that i haven't liked all year, but...